Listed below are five terms followed by a list of phrases that describe or characterize each of

the terms. Match each phrase with the number for the correct term.

TERM

Comprehensive

income

Discontinued

operations

Gain$/$loss from

sale of investments

Multiple$-$step

income statement

Direct method

PHRASE

Reported in the nonoperating

section of the income

statement.

Reported net of tax

immediately after income from

continuing operations.

Total nonowner changes in

equity for a reporting period.

Reports intermediate subtotals

in arriving at net income.

Reports the cash effects of

each operating activity

directly on the statement.

NUMBER